By Akanimo Sampson
Dubai Financial Market (DFM)-listed DAMAC Properties as reporting losses of $51.6 million (AED189.6m) for the first quarter of this year, compared to losses of $106.1million for the corresponding period in the previous year.
The company stated in a stock market missive that its revenues for the first quarter of 2021 dropped to $174.8 million (AED642.2m) compared to $326.8 million (AED1.2bn) for the corresponding period in the previous year.
In February 2021, DAMAC Properties revealed its preliminary financial results for 2020, marking a second consecutive full-year loss. The developer reported a net loss of $282.8 million (AED1.39bn) for the period.
Furthermore, DAMAC Properties reported a decline in booked sales, reporting $626 million (AED2.3bn); its total assets stood at $5.7 billion (AED21.1bn) in 2020.As of 31 December 2020, DAMAC reported a gross debt of $872 million (AED3.2bn), while cash and bank balances stood at $1.14bn (AED4.2bn). Shareholders’ equity stood at $3.53 billion (AED13bn) as of 31 December, 2020.
